- Pierce Fenwick, Staff Writer
Cha-ching... States are Swimming in Cannabis Taxes
Oreos. Funyuns. Girl Scout Cookies. Netflix. Mickey D's ...
Sounds like a list of things that are keys to happiness when the demon weed comes out. Turns out, it's not a bag of Oreos or Funyuns, but the whole industry.
Recent reporting by CNN, Entrepreneur, and others are proving the absolutely crushing economics of the American cannabis industry.
Good news keeps flowing from the cannabis-legal states with Nevada setting a great example:
The state has collected $48.97 million in total marijuana tax revenues since sales began
Adult-use cannabis sales topped $41 million in March, the most successful month since legal sales began in July last year, according to a report Wednesday from the Nevada Department of Taxation.
Recreational marijuana sales have reached $304.73 million in Nevada, according to the state’s most recent data.
The total for combined taxable sales — including medical marijuana, adult-use marijuana, and marijuana-related tangible goods — is $385.99 million for the first nine months of the fiscal year
With three months still in the fiscal year, Nevada has already brought in about 97 percent of the combined marijuana tax revenue that was projected for the entire fiscal year.
And by the way, some of these taxes are from salaries of the "125,000-160,00 full-time workers in the industry."
"To put this in perspective, there are potentially more full-time marijuana industry workers that there are librarians or kindergarten teachers throughout the country--and over six times the number of coal miners in the U.S," said Chris Walsh, an industry analyst and editorial vice president of MJBiZDaily.
Maybe the C-word that's coming out of Washington should no longer be Coal, but Cannabis.
Image source: Amazon.com